satisfice

Coined by the scientist Herbert A. Simon (1916-2001) in 1956, apparently
as a blend of satisfy + suffice. Earliest documented use: 1561 (as a
synonym of the word satisfy).

NOTES:

While it may appear that satisficing is taking the easy way out,
there are times when it’s the right thing to do. It can be bewildering
to consider all the options that are available. Often it’s best to pick one or two
important criteria and weed out the options, especially when stakes are
low.
Sometimes making a suboptimal decision is best, when the alternative is
decision paralysis because there are so many options. To satisfice is OK,
we don’t always have to maximize or optimize. Sometimes good enough is more
than good enough.

USAGE:

“A person can maximize when it comes to some decisions and satisfice
on others.”
Elizabeth Bernstein; Decide to Be Happy; The Wall Street Journal
(New York); Oct 7, 2014.